However, most of these bourses hardly witness any noticeable trading activity and DSE, which used to be a prominent bourse in the past, is currently trying to resurrect itself after remaining almost dormant for many years.

While the SEBI recognition currently stands expired for four stock exchanges, that for 11 others would need to be renewed over the next one year, as per the latest information disclosed by the market regulator on the status of stock exchanges in the country.

Besides, the recognition of Jaipur Stock Exchange and Vadodara Stock Exchange expires in January 2011.

Most of these bourses are granted recognition for one year, after which they need to seek a renewal. The regulator thereafter takes a call on extending their recognition.

The recognition for Coimbatore Stock Exchange expired in 2006. As per SEBI, "Due to pending litigation before the Hon`ble Madras High Court, Coimbatore Stock Exchange Ltd (CSX) has not filed application for renewal of recognition which expired on September 17, 2006."

The SEBI contends that the bourse`s right to apply for renewal should "be subject to further orders of the court and the stock exchange shall not be entitled to oppose the renewal solely on the ground of lapse of time."

Those without a valid current recognition also include Magadh Stock Exchange, in whose case SEBI had refused in September 2007 to renew the recognition.

Besides, as per an order from Securities Appellete Tribunal in October 2006 the Mangalore Stock Exchange became a de-recognised stock exchange, while Hyderabad Stock Exchange Ltd lost its recognition after failing to dilute atleast 51 percent of its equity share capital to public other than shareholders having trading rights on or before the stipulated date August 28, 2007.

Among those facing risk of recognition expiry this year, SEBI last year renewed the recognition for MCX Stock Exchange (MCX-SX) for a period of one year, ending September 15, 2010, and was asked to comply with the regulatory criteria on necessary public shareholding by that date.

Even as a total of 19 exchanges currently have permanent or temporary recognition from SEBI, not many of them see actual trading happening on their floors. Most of those having temporary recognition have been asked by SEBI not to commence trading till they comply with its "regulatory requirements".

In some cases, these requirements include getting a final SEBI approval for establishment of guarantee funds for trading or settlement.

Unlike the past, when regional stock exchanges used to account for nearly half the share of total market volumes in the country, BSE and NSE together now account for over 99 percent of overall trade.

In 1995-96, the Calcutta Stock Exchange is said to have enjoyed a turnover higher than even the likes of Bombay Stock Exchange. From as high as 45.6 percent in 1995-96, the share of 19 regional bourses together dipped to below 9 percent in 2001-02 and gradually dropped further in the subsequent years to even below one.

Currently, many of these regional bourses are seeking to resurrect themselves, while the larger bourses like NSE and BSE are also bracing themselves up for competition from newer players like MCX-SX.